# OECD vs non-OECD: Demographics → Automation Proxies

| Variable | I/Y (Inv: OECD | I/Y (Inv: non-OECD | K/Y (Cap: OECD | K/Y (Cap: non-OECD | K/L (Cap: OECD | K/L (Cap: non-OECD | GDP per : OECD | GDP per : non-OECD |
|:---|---:|---:|---:|---:|---:|---:|---:|---:|
| Z_1 | 26.4582 | 37.0486** | -1.4717 | -5.6433 | -0.4051*** | -0.0408 | -21427.1984 | -5905.7807 |
| | (20.7765) | (15.5989) | (3.0831) | (3.5277) | (0.1423) | (0.0496) | (22320.3285) | (6132.5194) |
| Z_2 | -2.1137 | -4.4793* | 0.2729 | 0.7988 | 0.0397** | 0.0213*** | 2386.6341 | 2692.3974*** |
| | (2.8096) | (2.3780) | (0.4227) | (0.5423) | (0.0196) | (0.0077) | (3045.7221) | (924.8592) |
| Z_3 | 0.0389 | 0.1514 | -0.0108 | -0.0296 | -0.0008 | -0.0012*** | -37.1453 | -136.1631*** |
| | (0.1059) | (0.0983) | (0.0162) | (0.0226) | (0.0008) | (0.0003) | (116.7782) | (38.5711) |
| fiscal_bal_gdp | 0.1639*** | -0.0864*** | -0.0190*** | -0.0159*** | -0.0008*** | -0.0001 | 152.5838*** | 49.2259*** |
| | (0.0263) | (0.0208) | (0.0029) | (0.0035) | (0.0001) | (0.0000) | (17.6206) | (5.3207) |
| nfa_gdp_lag | 1.0847*** | 0.0886 | -0.0539** | -0.0566* | -0.0047*** | 0.0000 | 738.9088*** | 57.6668 |
| | (0.2628) | (0.1875) | (0.0263) | (0.0333) | (0.0012) | (0.0004) | (180.8235) | (55.2192) |
| rgdp_growth | 0.1629*** | 0.0689*** | -0.0218*** | -0.0167*** | -0.0004*** | -0.0000 | 146.0756*** | 53.2025*** |
| | (0.0171) | (0.0115) | (0.0019) | (0.0020) | (0.0001) | (0.0000) | (10.7964) | (2.7976) |
| kaopen | -0.4827*** | -0.0334 | 0.0227 | -0.0204 | 0.0047*** | 0.0010** | 340.3335** | 155.4451** |
| | (0.1771) | (0.2098) | (0.0193) | (0.0374) | (0.0009) | (0.0005) | (144.6577) | (68.0725) |
|:---|---:|---:|---:|---:|---:|---:|---:|---:|
| N | 1301 | 3370 | 1153 | 3405 | 1153 | 3356 | 1161 | 3913 |
| R² | 0.2536 | 0.0876 | 0.1919 | 0.0082 | 0.3969 | 0.2457 | 0.2793 | 0.3009 |
| Countries | 37 | 122 | 37 | 126 | 37 | 126 | 37 | 134 |

*Panel GLS with Prais-Winsten AR(1) correction, country and year FE.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*